B-North raises £250k bridge investment from Greater Manchester Combined Authority and Channel 4 Ventures
The Manchester-based challenger bank secured the follow-on funding and media-for-equity deal as part of an oversubscribed round.
B-North is building a regional SME lending bank for the United Kingdom. The firm combines regional lending pods with a cloud-based system to speed up business loans.
B-North has secured £250k in a bridge funding round from the Greater Manchester Combined Authority and Channel 4 Ventures. The investment comprises a follow-on contribution from the GMCA and an advertising-for-equity deal with Channel 4 Ventures. The capital forms part of an oversubscribed £2.7m bridge round as the firm works towards securing its full banking licence.
Established to support regional businesses, B-North is deploying a network of regional lending pods to provide dynamic finance. The latest injection of funds will support the Manchester-based company as it prepares for its consumer launch and full market rollout.
From the founder
"I am delighted that GMCA continues to support B-North and we look forward to working with them to drive forward the regional economy."
Jonathan Thompson
Co-Founder and CEO at B-North
Investor perspective
"As Greater Manchester’s economy recovers it is vital our SMEs are supported with access to finance. It’s often these businesses that are overlooked by traditional lenders, but they will be essential to help with the revival of our city-region’s economy."
David Molyneux
GMCA lead for Resources and Investment, Greater Manchester Combined Authority